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Marketing Management Test 2

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All of these (they limit the number of vendors in a given buying process)
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Gatekeepers are important in the B2B buying process because…
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They make the ultimate purchase decision
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Deciders are an important group for the salesperson to be able to identify because…
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Users
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In the buying process there is one group that can play a critical role. This group is often the first to recognize the problem based on a need and they help define the product specifications. This group is called…
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The market has an expected return on investment that is positive
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When Walter, the brand manager for a consumer packaged good, says that a segment has sufficient size, he means…
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Market has to be bigger than 10,000 people
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There are conditions necessary that a market needs to be able to segment properly. The item below that is not necessary is…
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All of these (market can be reached by transportation, language, technology, and communication)
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When it is said that a market can be reached, it means that…
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Sensitivity of Population
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Approaches to geographic segmentation include all except…
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More than 1 life cycle- industry and brand life cycles
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The product life cycle (PLC) for a particular product has…
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No (or loses)
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It is not uncommon to see…profits in the introduction phase of the product life cycle for an industry
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Build market awareness for the product, leading to trial purchase
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The objective in the introduction phase of the product life cycle (PLC) is to…
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Differentiate the product from those of new competitors
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The essential marketing objective in the growth phase of the PLC is to…
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Maturity
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In the…phase of PLC, sales continue to increase but at a decreasing rate
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Costs and Benefits
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Recently, Mercedes-Benz quietly reduced its warranty coverage by eliminating some few scheduled maintenance because the expense for the firm was too high. At the same time, Hyundai and others have expanded their warranties to build consumer confidence in their cars. They realize that extending the period of warranty coverage demonstrates they are making better cars in a very tangible way. These are examples of firms considering the…of the product warranty.
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Warranty
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Victorinox, maker of the Swiss Army knife, warrants its knives to be “fee from defects in material and workmanship for the entire life of the knife.” This is an example of a…
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Brand
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The American Marketing Association defines…as “a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or groups of sellers and to differentiate them from those of competitors.”
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changes in demand are not significantly affected by changes in price
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Inelastic Demand
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-Nature of the purchase -Number of people involved in the decision -Understanding of the product being purchased -Time frame for the decision
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Buying Decisions
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Reorder products that are used on a consistent basis
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Straight Rebuy
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Familiar with product and supplier but still seek additional information
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Modified Rebuy
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First-time purchase of product or service
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New Purchase
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-Analyze market segments -Develop profiles of each potential target market -Select a target marketing approach
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Three steps in target marketing
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-Demographic -Operating Variables -Purchasing Approaches -Situational Factors -Personal Characteristics
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Key Business Market Segmentation Variables
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-Primary Target Markets -Secondary Target Markets -Tertiary Target Markets -Target Markets to Abandon for Future Development
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Four Basic Levels of Priority for Development
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those segments that clearly have the best chance of meeting ROI goals and the other attractiveness factors
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Primary target markets
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those segments that have reasonable potential but for one reason or another are not best suited for development immediately
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Secondary target markets
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those segments that may develop emerging attractiveness for investment in the future but that do not appear attractive at present
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Tertiary target markets
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Very Broad: Undifferentiated target marketing, Differentiated target marketing, Concentrated target marketing, Customized target marketing: Very Narrow
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Continuum of Target Marketing Approaches
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how long it takes a product to move from first purchase to last purchase
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Innovation Diffusion Process
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Know of the product, but insufficient information to move forward through the adoption process
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1. Awareness
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Receive additional information (advertising, word of mouth) and motivated to seek out added information for further evaluation
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2. Interest
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Combine all information (word of mouth, reviews, advertising) and evaluate the product for trial purchase
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3. Evaluation
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Purchase the product for the purpose of making a value decision
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4. Trial
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Purchase the product with the intent of becoming a dependable user
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5. Adoption
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Innovators, Early Adopters, Early Majority, Late Majority, Laggards
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Consumer Product Adoption Chart
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a summary of unique qualities attributed to the brand
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Brand Identity
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a set of assets (and liabilities) linked to a brand’s name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm or that firm’s customers
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Brand Equity
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the most basic form of brand equity is simply being aware of the brand
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Brand Awareness
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the strongest form of brand equity and reflects a commitment to repeat purchases
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Brand Loyalty
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brands convey a perception of quality that is either positive or negative
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Perceived Quality
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customers develop a number of emotional, psychological, and performance associations with a brand
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Brand Association
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trademarks and patents that represent a significant competitive advantage
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Brand Assets